Kodiak Gas Services, Inc. (KGS) FY2025 10-K Annual Report
Kodiak Gas Services, Inc. (KGS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Kodiak Gas Services, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Operator of large horsepower contract compression infrastructure supporting natural gas/oil production and transport in key U.S. regions
- • New emphasis on electric motor driven compression deployment under long-term fixed-revenue contracts to reduce emissions intensity
- • Strategic positioning as market leader in Permian Basin with 82.8% assets deployed there and Eagle Ford Shale, focusing on customer-centric long-term contractual relationships
- • Fleet comprised of 4.5 million total horsepower with 80% classified as large horsepower units (>1,000 HP); four largest customers represent ~32% revenue
- • FY 2026 distinctive milestone: Completion of IPO July 3, 2023, with stock listed on NYSE under ticker "KGS"
Management Discussion & Analysis
- • No revenue or profitability figures disclosed in MD&A; focus on operational and regulatory risks
- • Concentrated operations in Permian Basin and Eagle Ford Shale, vulnerable to regional disruptions and supply-demand shifts
- • Significant sales tax settlement of $28.0 million with Texas Comptroller impacting financial condition
- • Acquisition of Distributed Power Solutions, LLC pending, with risks including integration costs and failure to achieve synergies
- • Key risks: customer contract cancellations (9.0% month-to-month), competition, supply chain disruptions, and tightening environmental regulations
Risk Factors
- • Regulatory risk from One Big Beautiful Bill Act 2025 impacting U.S. tax law and permanently reinstating full expensing of qualified capital expenditures
- • Geopolitical exposure: 82.8% of compression assets deployed in Permian Basin and Eagle Ford Shale, subject to U.S. Gulf Coast LNG export growth and related energy policies
- • Operational vulnerability from Texas Comptroller sales tax audit settlement, incurring $28.0 million in interest and penalties in 2025
- • Competitive risk from customer shift to electric compression infrastructure, requiring adaptation amid some customers' emission reduction initiatives
- • Financial risk from $2.6 billion long-term debt maturing between 2029 and 2035 with $211.2 million purchase commitments mostly due within 12 months
Kodiak Gas Services, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$1.3B
▲ +12.8% YoY
Net Income
$81M
▲ +61.4% YoY
Operating Margin
26.0%
▲ +448bp YoY
Net Margin
6.2%
▲ +185bp YoY
ROE
6.7%
▲ +304bp YoY
Total Assets
$4.3B
▼ -2.6% YoY
EPS (Diluted)
$0.89
▲ +58.9% YoY
Operating Cash Flow
$600M
▲ +82.9% YoY
Source: XBRL data from Kodiak Gas Services, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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